JPMorgan Upgrades US Airways (LCC) to Overweight, Downgrades AMR (AMR) to Neutral

JPMorgan's Jamie Baker revised ratings on several Airline stocks Friday morning, effectively putting on a pair trade:

• upgraded US Airways (NYSE: LCC) from Neutral to Overweight, maintains a $12 price target
  
• downgraded AMR Corp. (NYSE: AMR) from Overweight to Neutral, price target reduced from $11 to $8.50

The analyst also revised his price target on Delta (NYSE: DAL) from $18 to $16, on UAL Corp. (NYSE: UAL) from $35 to $38 and on Alaska Air (NYSE: ALK) from $60.50 to $62. JPMorgan maintains Overweight ratings on Delta and UAL, and a Neutral rating on Alaska Air.

Shares of US Airways are up 2.2 percent to $8.90 in pre-market action Friday, while AMR shares are down 0.6 percent to $6.42.

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